Cardo’s AGM 2009
At Cardo’s annual general meeting at Palladium in Malmö, Sweden on April 6, Cardo’s President and CEO Peter Aru stated that during 2008 the Group exceeded all the targets that were set up for its industrial operations three years ago.
“Cardo has succeeded in developing its service concept and with the activities and the results that were delivered in 2008 I judge that we are better prepared than we have been for a long time. Our strategy remains firm and we will continue to work to create a global industrial group with a greater share of service offerings,” said Cardo’s President and CEO Peter Aru.
Peter Aru commented on the market situation and emphasized the Company’s focus on generating value for its customers.
“We are in the middle of a recession and the future is uncertain. At the same time, Cardo has a central role to play in meeting some of the greatest challenges of our time. By means of the solutions we offer, we are meeting global challenges in three extremely important areas: water, transportation and energy.”
Board of Directors
At the annual general meeting, Fredrik Lundberg was re-elected as Chairman of the Board. Peter Aru, Tuve Johannesson, Ulf Lundahl, Carina Malmgren Heander, Lennart Nilsson and Anders Rydin were also re-elected as members of the board. Johnny Alvarsson was elected as a new member of the board. The meeting also resolved that the fee to be paid to the board shall remain unchanged and consist of SEK 400,000 to the Chairman and SEK 200,000 to each and every of the other Directors who are elected by a general meeting of shareholders and not employed by the Group.
Dividend
In accordance with the proposal put forward by the board of directors, the meeting also declared a dividend of SEK 9.00 per share. April 9 2009 was established as the day of record for dividend and April 16 2009 as the payment date.
Repurchase of shares
The meeting also resolved on reduction of the share capital by means of withdrawal of repurchased shares and on a stock dividend without issuing new shares involving an increase in the share capital by an amount equivalent to the reduction amount. The size of the share capital therewith remains unchanged.
The board of directors was authorized to acquire up to so many own shares before the next annual general meeting that the company’s holding at no time exceeds 10 percent of all shares in the company. Acquisition is to be made on NASDAQ OMX Stockholm at the market value applying on the occasion of acquisition. The purpose of the repurchase is to give the board the opportunity to adjust the capital structure of the company during the period until the next annual general meeting. A similar authorization was provided at the 2007 and 2008 AGMs.
Peter Aru’s address and all other information concerning the annual general meeting are available on Cardo’s website at www.cardo.com. As of tomorrow, a video recording of the President’s speech will also be provided here.
Malmö, Sweden, April 6 2009
Cardo AB (publ)
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